Global Dollar

Global Dollar is a US dollar stablecoin issued by regulated Paxos companies.

Global Dollar (USDG) is a digital token designed to stay worth one US dollar. It is issued by Paxos Digital Singapore, a payments firm supervised by the Monetary Authority of Singapore, and since July 2025 also by Paxos Issuance Europe under the EU's MiCA rules. Paxos launched USDG on Ethereum on 31 October 2024 and now issues it on several blockchains, including X Layer, Robinhood Chain, Solana, Ethereum, Ink and Mantle.

USDG has no fixed supply. Paxos creates tokens when dollars arrive in the reserve account and burns them on redemption, and verified customers can redeem one-to-one for US dollars. Reserves must be held as cash, short-term government debt, overnight repo backed by US government securities or government money market funds, in segregated accounts protected from Paxos's creditors. Monthly reserve reports are checked by KPMG. On 27 September 2026 about US$3.2B of USDG was in circulation, with the largest share on X Layer.

What sets USDG apart is the Global Dollar Network, founded in November 2024 by Paxos, Robinhood, Kraken, Galaxy, Anchorage Digital, Bullish and Nuvei. Instead of the issuer keeping the income from its reserves, the network offers partners up to 100% of the returns on the reserves behind USDG held on their platforms, plus payments for minting and accepting it. More than 400 organisations are listed as building with it. Some partners pass part of this on: Kraken, for example, pays retail holders variable rewards on USDG balances.

Paxos itself pays holders nothing: the white paper says holders are not entitled to interest on the reserves. Like other regulated stablecoins, USDG can be frozen and wiped at an address by the issuer, for example on a law enforcement order.